Tezos (XTZ) announces the integration of Harbinger price oracles

Written by: Ali Raza
August 26, 2020
  • Cryptocurrency project Tezos has recently announced the integration of Harbinger price oracles.
  • The oracles work by harvesting crypto prices from major exchanges in real-time.
  • This is a crucial component for DeFi, as it impacts token swaps, loans, and other DeFi elements.

A crypto project and staking platform, Tezos (XTZ), has recently announced the integration of Harbinger price oracles. The move will allow the project to make another step towards expanding its decentralized finance.

As some may already know, Harbinger is a project that offers signed price feeds, extracted from the real-time market data. It withdraws the information from numerous exchanges, and provides fresh information to those who need it.

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Now, Harbinger will send this information to Tezos’ network directly, and make it ‘DeFi ready.’ The project will also use a similar method to Tezos’ delegated staking to enable delegated and prefunded price oracles.

Benefits of Harbinger price oracles integration

The move will be highly beneficial to Tezos, as real-time price feeds are a crucial component for DeFi. Tezos has already made other moves to being DeFi-style operations, such as seeing the launch of the StakerDAO platform for secure governance of financial assets.

Real-time price feeds are what allows protocols to create loans with collateral, and come up with accurate prices used in token swaps, among other uses.

Furthermore, Harbinger allows users to pay for fees for posting price data via the staking rewards that Tezos HODLers are already receiving.

It was created by a company called Blockscale, which creates and manages PoS validators for Tezos Foundation. It is originally based on Open Price Feed by Compound, but the company added a few improvements of its own. For example, it uses major exchanges as ‘signers,’ and it has ‘posters’ who retrieve signers’ prices and post them to storage contracts.

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